Cryogenic Equipment Market is Expected to Reach USD 50.59 Billion by 2032; Rising LNG Usage Boosts Cryogenic Equipment Demand and Innovation

The global cryogenic equipment market size was valued at USD 23.71 billion in 2024. The market is predicted to rise from USD 25.35 billion in 2025 to USD 50.59 billion by 2032 at a CAGR of 10.37% from 2025 to 2032.

Fortune Business Insights™ presents this information in its report titled, “Cryogenic Equipment Market Size, Share & Industry Analysis, By Product (Tank, Valve, Vaporizer, Pump, Actuator, Bayonet Connection, and Others), By Cryogen Type (Nitrogen, Oxygen, Argon, Liquefied Natural Gas, Hydrogen, Helium, and Others), By End-User (Oil and Gas, Metallurgy, Power Generation, Chemical and Petrochemical, Marine, and Others), and Regional Forecast, 2025-2032”.

The global cryogenic equipment market is experiencing robust growth due to the rising usage of Liquified Natural Gas (LNG) as a cleaner energy source. Other factors responsible for the growth include increasing investments in specialized storage and transportation systems. Further, technological advancements have enhanced efficiency and performance in ultra-low temperature environments, expanding the application of cryogenic equipment across various industries, including aerospace, hydrogen, and biogas. This demand is driving market expansion and attracting significant investments in advanced cryogenic solutions.

IATF Certification Enables INOX India to Access International Markets

In February 2025, INOX India Ltd. became India’s first cryogenic equipment manufacturer to receive the IATF 16949 certification awarded by Bureau Veritas Certification. This was awarded to the company for designing and producing vacuum-insulated cryogenic fuel tanks at its Kalol factory in Gujarat. Further, this recognition will allow INOX India to supply to automotive OEMs, strengthening its access to both domestic as well as international markets for heavy-duty vehicle fuel tanks.

R&D Investments Drive Efficiency by Improving Performance and Reducing Costs

The cryogenic equipment market trend is driven by R&D efforts, which are focused on discovering and engineering new materials. Companies are hugely investing in R&D to enhance cryogenic systems. This focus on energy efficiency, advanced components, and refrigeration cycles, such as heat exchangers and compressors, is boosting the market growth. Smart technologies, including sensors, data analytics, and IoT, are being integrated for timely maintenance, real-time monitoring, and battery safety. For example, projects such as TACOMA are invested in discovering lightweight composite hydrogen tanks for aircraft, with an aim to increase performance and reduce operational cost.

However, the market faces some challenges, such as supply chain disruptions, which can be responsible for delays in obtaining raw materials and components, resulting in increased costs for manufacturers and production setbacks.

Acquisition Boosts Nordic Presence, Driving Market Growth

The competitive landscape of the market is mostly fragmented, with the key players driving the cryogenic equipment market growth. This growth is a result of various developments in the market, such as business expansion and product launches. For example, in May 2022, Chart Industries Inc. acquired CSC Cryogenic Service Center AB to strengthen its service presence in the Nordic region. This move supports its installed original equipment (OE) base and ongoing OE growth in the region.

List of Key Companies Profiled in the Report

• Chart Industries, Inc. (U.S.)
• Cryofab, Inc. (U.S.)
• Linde PLC (U.K.)
• Nikkiso Co., Ltd (Japan)
• Air Liquide (France)
• SHI Cryogenics Group (Japan)
• HEROSE (Germany)
• Wessington Cryogenics (U.K.)
• Air Products and Chemicals Inc. (U.S.)
• INOX India Ltd (INOXCVA) (India)
• Parker-Hannifin Corporation (U.S.)
• SLB (U.S.)
• Flowserve Corporation (U.S.)
• FIVES (France)
• Emerson Electric Co. (U.S.)
• PHPK Technologies (U.S.)
• Marshall Excelsior Co. (U.S.)
• HABONIM (Denmark)
• Acme Cryogenics (U.S.)

Notable Industry Development

• May 2025: Linde made a contract to design and construct one of the major cryogenic cooling services in the world to assist a utility-scale quantum computer run by PsiQuantum, a computing startup in Brisbane, Australia. After the successful completion of the project, the plant will be able to cool tens of thousands of photonic chips to around -269°C, or near absolute zero. This will allow the PsiQuantum system to further maintain the quantum states necessary for scalable quantum computing.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/cryogenic-equipment-market-100823

Further Report Findings

• Asia Pacific dominates the cryogenic equipment market share. This region’s economy is developing and is expected to hold the largest GDP due to sustainable development policies, investment in industrial infrastructures, and customers’ rapid change in behavior. Further, India and China are the leading countries in the region.
• Market growth in North America is driven by the region’s fastest developments in AI-fueled data centers and industrial reshoring waves. Demand for electricity and energy infrastructures is also growing. Further, the U.S., with its competitive base for chemical companies globally, is driving the market growth.
• Based on the product, the tank segment is dominating the market. This growth is due to the fact that tanks are essentially used for insulated, safe, and long-term storage units at ultra-low temperatures.
• Based on end-user, the oil and gas industry leads the market. This segment is boosting the demand for liquified natural gas due to its rising use in various industries such as power generation, marine, manufacturing, and others.

Table of Segmentation